Taking a breather

The market took a much needed breather yesterday and challenged the 1100 area on the S&P futures which held going into the close yesterday. The daily CCT was also quiet yesterday as the net change was -2 making the reading +26 which is still short term overbought. These next two trading days will be very important for clarity regarding the tone of this intermediate market. We are into the last two trading days of July so be careful as there could be some end of the month monies coming into this market.